SS Claiming options

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Rbaum0519
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Joined: Wed Apr 20, 2016 7:38 am
Location: S IL

SS Claiming options

Post by Rbaum0519 » Tue Sep 24, 2019 6:36 am

I am 66 born in 1953 and married to a non-working spouse (45 years) who is also 66 and born in 1953

I want to wait until age 70 to claim my SS entitlement (I’m in good health and won’t need it till 70)

My question is with the new rules can my spouse begin collecting her spousal entitlement now (she has no entitlement of her own)?

If not, will her entitlement be computed based on my delayed entitlement or my FRA entitlement?

Thanks in advance

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RickBoglehead
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Re: SS Claiming options

Post by RickBoglehead » Tue Sep 24, 2019 6:40 am

Have you tried https://opensocialsecurity.com/? Works great.
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Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: SS Claiming options

Post by Silk McCue » Tue Sep 24, 2019 6:57 am

RickBoglehead wrote:
Tue Sep 24, 2019 6:40 am
Have you tried https://opensocialsecurity.com/? Works great.
+1

You definitely want to use this excellent tool.

It will show you that your spouse cannot claim spousal benefit until you claim and that the benefit will be 50% of your FRA amount. Based upon the numbers I entered it recommended filing at age 68 and 4 months. This will provide the statistically highest lifetime joint benefit. That would not preclude your from waiting until 70 if that made the most sense to you based upon your overall financial resources.

Cheers

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dodecahedron
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Joined: Tue Nov 12, 2013 12:28 pm

Re: SS Claiming options

Post by dodecahedron » Tue Sep 24, 2019 7:07 am

Rbaum0519 wrote:
Tue Sep 24, 2019 6:36 am

If not, will her entitlement be computed based on my delayed entitlement or my FRA entitlement?
Her spousal benefit will be 50% of your FRA entitlement.

However, if you die before she does, her survivor benefit will be 100% of your benefit at the time of your death, including your delayed retirement credits.

TBillT
Posts: 799
Joined: Sat Sep 17, 2011 1:43 pm

Re: SS Claiming options

Post by TBillT » Tue Sep 24, 2019 8:20 am

We are exact same age and we used OpenSocialSecurity.com
I am deferring but just filed for restricted to get 50% of spouse, Spouse is taking now.

I cannot over-emphasize the importance of using the OpenSocialSecurity.com tool for those of us born 1953 and earlier
Those born after Jan-2-1954 lost some of the fancier "double-dip" options that are being phased out by Congress.

JW-Retired
Posts: 7147
Joined: Sun Dec 16, 2007 12:25 pm

Re: SS Claiming options

Post by JW-Retired » Tue Sep 24, 2019 9:11 am

Rbaum0519 wrote:
Tue Sep 24, 2019 6:36 am
I am 66 born in 1953 and married to a non-working spouse (45 years) who is also 66 and born in 1953

I want to wait until age 70 to claim my SS entitlement (I’m in good health and won’t need it till 70)
In making your decision, don't forget that SS income is often much more lightly Fed+state taxed than other income like pensions and RMD money. Trading a smaller low taxed SS check for a bigger but higher taxed RMD could be the worst after-tax choice. Understand your own tax difference before you decide what to do.

We are in a high tax state so wife and I are very happy I waited SS to 70.

I don't think any of the when-to-take SS tools consider taxes. Per ObliviousInvestor (OpenSocialSecurity.com tool) here it's too complicated viewtopic.php?f=2&t=279379#p4507312.
JW
Retired at Last

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